Sam Bankman-Fried Pleads Not Guilty, Faces 115 Years in Prison

• Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, pleaded not guilty in a New York court on Tuesday.
• The judge scheduled the trial against Bankman-Fried to begin in the fall, and the trial could last for around four weeks.
• Bankman-Fried could face up to 115 years in prison if convicted in the trial, but he has denied any criminal liability.

Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, appeared in court on Tuesday in New York, where he pleaded not guilty to the criminal charges brought against him. The presiding judge, Lewis Kaplan, scheduled the trial to begin in the fall and estimated that it would last for around four weeks.

The charges against Bankman-Fried are serious, with federal prosecutor Danielle Sassoon alleging that he misappropriated customer funds and laundered them through political donations, charitable donations, and venture investments. If convicted, Bankman-Fried could face up to 115 years in prison.

However, Bankman-Fried has denied any criminal liability and argued that he merely made mistakes during his time as the head of FTX. Videos released from outside the courtroom show the chaos that surrounded Bankman-Fried’s court appearance, with a large crowd of people attempting to get into the courtroom and take photos.

In addition to setting a date for the trial, Judge Kaplan also imposed new conditions on Bankman-Fried’s $250 million bail. Under the new conditions, he is required to post a $10 million personal surety bond and remain in the US, with his travel restricted to the states of New York, Connecticut, Massachusetts, and California.

It remains to be seen whether Bankman-Fried will be able to defend himself successfully in court. But if the judge finds him guilty, the former crypto mogul could face a lengthy prison sentence. In the meantime, the case will continue to be closely followed by those in the cryptocurrency community and beyond.

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